According to crypto analytics company Santiment, price volatility has caused a sharp increase in social media mentions of the two largest cryptocurrencies by market valuation.
In advance of the publication of the Consumer Price Index (CPI) data, the analytics company claims that Bitcoin and Ethereum are becoming more and more popular as discussion topics. The CPI measures US inflation.
“Toward the end of the work week last week, things were looking up for crypto as recoveries happened across the sector. However, prices are volatile and retracing as the July 13th CPI approaches. BTC and ETH are both seeing surges in discussion rates.”
Santiment claims that the popularity of Bitcoin as a subject of conversation on social media sites has reached a 12-month high.
“The ratio of discussions related to Bitcoin versus all crypto topics has risen swiftly on social media. BTC’s social dominance is now at its highest point since June 2021. Historically, focus coming back to BTC is a good sign for crypto bulls.”
According to the analytics company, this week has seen rather high levels of optimism for Bitcoin on social media sites.
“Bitcoin’s social sentiment is seeing an unprecedented level of optimism this week as we head into the second half of July and the Federal Reserve Bank’s next [interest rate] decision. An ideal setup would be the crowd remaining skeptical as prices climb with little resistance.”
Santiment claims that due to the sharp decline in the value of cryptocurrencies, interest in discussing altcoins has significantly decreased.
“As crypto has remained stagnant and prices have begun to dip again since the weekend, we can see that participants and overall discussions related to the markets continue to decline. Altcoins, in particular, are showing a serious drop in crowd interest.”
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